Short term borrowing of short term loans and payday loans has become a far more popular alternative to the traditional bank or building society loan as a way of topping up ones income between paychecks.Banks and building societies will always push for you to borrow a much larger amount and will want you to take much longer to repay your loan as this allows for more interest to be claimed on the original figure.For example, if you wanted to borrow a small about such as £250, then a bank will tell you that you are expected to borrow anywhere over the £5,000 mark and it must be paid back over a period of over 3 years.
But, £5,000 is a lot different from £250 and surely it would be more beneficial to you to be able to borrow just the £250 and to pay it back within weeks or months.
We all know that you will be paying back more than you originally borrowed, but a larger sum stretched over years will cost far more in the long run than a smaller loan stretched over a few weeks.
Ok, so you have decided that a bank loan is not for you and so want to look into short term loans and payday loans, but you have no idea where to start.
Using a Broker service as opposed to price comparison websites.
Price comparison websites have become increasingly popular in the last few years and are useful in giving a vague idea of how much each company charges for its products or services.But it cannot give advice or tailor a specific financial product to your needs.A price comparison site only gives you a list of companies and prices ranges, it does not apply on your behalf, nor can it broker any special deals or discounts for you.
Using a brokers service such as Cash Carrot is a far more bespoke experience.Once you have given Cash Carrot the information that they ask of you on their website, you need sit back and wait for them to match you with a product that meets your needs.As Cash Carrot are not a lender themselves, there are no hidden fees and they have the flexibility to compare and contrast different financial companies in order to get you the best deals and value for your money.Borrowing any amount of money might seem like a difficult path to navigate when you do not know what is out there or indeed do not have much idea of how much you will be able to afford to borrow and what your monthly repayments would look like, but Cash Carrot ask you for all the relevant information pertaining to your monthly expenditures so that they can advise you on the best repayment structure that will fit in with your current financial situation.
Using price comparison websites do not hold your hand on the same way a brokerage site will and you could have the money available to you within 30 minutes through a broker, whereas you would need to approach several companies yourself through a price comparison site, which could take you hours.